.jpg "Ormat Technologies (NYSE: ORA)")
In a report released today, Noah Kaye from Oppenheimer maintained a Hold rating on Ormat Technologies (ORA). The company’s shares opened today at $51.16.
Kaye said:
“ORA reported 3Q18 adj. EBITDA below consensus while reiterating FY18 guidance, as outage and maintenance timing impacted the quarter. FY18 guidance still assumes $20M in Puna insurance proceeds received, a binary event for which we believe ORA could issue an intra-quarter update, and 4Q generation uptick seasonally consistent with prior years. The project pipeline through FY20 remains weighted to lower-risk projects in North America, though management provided upbeat commentary on developments in Central America. Although backlog declined sequentially, bookings were solid and management’s focus on backlog diversification looks prudent. While we remain sidelined on execution and valuation, we continue to look for an entry point, with Puna resolution a potential catalyst.”
According to TipRanks.com, Kaye is a 4-star analyst with an average return of 4.1% and a 52.7% success rate. Kaye covers the Basic Materials sector, focusing on stocks such as Advanced Disposal Services Inc, Waste Connections Inc, and Republic Services.
Currently, the analyst consensus on Ormat Technologies is a Moderate Buy with an average price target of $62.
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The company has a one-year high of $70.68 and a one-year low of $45.79. Currently, Ormat Technologies has an average volume of 202.3K.
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Ormat Technologies, Inc. is a holding company, which engages in the geothermal and recovered energy power business. It operates through the Electricity and Products segments.
